MO HB484

General Assembly members and statewide elected officials first taking office on or after January 1, 2016 (with no prior covered employment) must participate in a defined contribution plan instead of the year 2000 defined benefit plan

Employer contribution rate set at 5% of payroll; participant contribution rate set at 3% of payroll, with employer picking up participant contributions under federal tax code provisions

Participant contributions are treated as employer contributions for federal income tax purposes and credited to a separate account within the participant's individual account

Elected officials retain the same life insurance, disability income, and medical benefits as participants in the year 2000 plan under existing statutes